Common use of Payments Due on Saturdays Clause in Contracts

Payments Due on Saturdays. Sundays and Holidays. If any Payment Date or date of maturity of the principal of any Obligations is a Saturday, Sunday or a day on which the Trustee is required or authorized by law (including without limitation, executive orders) to close and is closed, then payment of interest or principal need not be made by the Trustee on that date, that payment may be made on the next succeeding Business Day on which the Trustee is open for business with the same force and effect as if that payment were made on the Payment Date or date of maturity and no interest shall accrue for the period after that date.

Payments Due on Saturdays. Sundays and Holidays. If any Bond Payment Date or date of maturity of the principal of any Obligations Bonds is a Saturday, Sunday or a day on which the Trustee is required or authorized by law (including without limitation, executive orders) to close and is closed, then payment of interest or principal need not be made by the Trustee on that date, that payment may be made on the next succeeding Business Day on which the Trustee is open for business with the same force and effect as if that payment were made on the Bond Payment Date or date of maturity and no interest shall accrue for the period after that date.